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Effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period. It’s important to note: This applies to Freddie Mac-owned or [...]
With 1 in 10 homeowners not paying their mortgage—and Major Lenders predicting huge increases in short sale closings in 2012—savvy agents are finding new and creative ways to find and attract distressed property listings. A great place to start your outreach campaign is a list of NODs. Notices of Default, or NODs, are legal notices [...]
On Dec. 21, the Office of the Comptroller of the Currency released its latest report, which shows delinquencies remained elevated during the third quarter of 2011. The number of new foreclosures increased by 21 percent during the quarter, partly due to servicers lifting the voluntary “foreclosure freeze” implemented in late 2010 as a result of [...]
SPECIAL REAL ESTATE INDUSTRY BROADCAST Exclusive Interview with the US Treasury’s Director of Policy for Homeownership Preservation Office, Laurie Maggiano! You and the Treasury Department Have the Same Goal … to Close More Short Sales in 2011! Join us for an exclusive interview with Laurie Maggiano, Director of Policy in the Office of Homeownership Preservation, [...]
With all the noise surrounding the “robo-signing scandal” and subsequent foreclosure freeze, it may have taken some by surprise that the banks would issue another “freeze” on their foreclosure processes. But as we predicted, the major banks — as well as Fannie Mae and Freddie Mac — will postpone their foreclosure procedures from Dec 20-Jan [...]
Agents working short sales with Wells Fargo or Wachovia should be aware of some new regulations. With much speculation on this subject in recent weeks, DSNews reported new rules regarding Wells Fargo short sales when foreclosure is within 30 days. The bank’s new policy will allow for only one foreclosure postponement given the following criteria: [...]
During the holidays, we often reflect upon the year in terms of the goals we didn’t achieve or where we fell short. This holiday season we ask that you focus on the positive instead. Despite setbacks and challenges, there is much to be thankful for. Take the following story for instance. It was sent to [...]
that [the foreclosure scandal] is going to lead to a substantial number of foreclosures being permanently forgotten,” Rep. Barney Frank said during Congressional hearings yesterday [reported by the Washington Post]. Strong words from the outgoing chairman of the Financial Services Committee, and even stronger when paired with the new mortgage delinquency numbers. Following are the [...]
Some of the nation’s largest banks will appear before the Senate Banking Committee today to explain their actions regarding the “robo-signing” scandal in which lenders allegedly filed thousands of inaccurate documents in foreclosure cases. This scandal initially led to the recent foreclosure freezes by major lenders. A 125-page report just released by the Congressional Oversight [...]
concluded with a consensus that homeowners having difficulty paying their mortgages should contact an educated real estate agent. However, CEO Alex Charfen had to combat another guest’s misinformation on short sales and hopelessness about the market to get there. Following is a response from Alex, as well as a recording of the segment on CNBC: [...]
History would say, “Yes. I’ve seen this before.” Since 2008, talk of foreclosure moratoria has emerged in the fourth quarter around the holidays, only to be lifted part-way through the first quarter with record numbers of foreclosures flooding the market. This is then followed by an increase in short sales as banks and homeowners work [...]
In an effort to help homeowners who owe more on their homes than they’re currently worth, the government will initiate its “short refinance” program on Tuesday, September 7, 2010. According to an August 6 Mortgagee Letter released by HUD (click here to download the entire letter), the program will allow “borrowers who are current on [...]
Fannie Mae has put loan servicers on notice: take too long to complete foreclosures and you could face fines. Through a recent announcement, the government-sponsored enterprise has created timeframes for completing foreclosure proceedings (see their foreclosure timeframes for more information on a state-by-state basis). For servicers unable to provide a reasonable explanation for delaying proceedings, [...]
Lee Bittinger, CDPE and top Michigan agent, brought to our attention a resource that agents can use to find help for troubled short sale cases: HelpWithMyBank.gov is administered by the U.S. Department of the Treasury Office of the Comptroller of the Currency (my hands cramped just writing that!) … even if you can’t remember the [...]
Is there progress among servicers in the short sale world? REO Insider recently reported on how Deutsche Bank ranked top mortgage servicers based on short sale timelines. Here’s how the rankings shook out based on mortgage type and average time to complete short sales. We know there’s progress in the industry (agent education, new processes, [...]
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